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Big Money Earners Evade Taxes Told By UPI
Washington report details how eighteen Americans earning over one million dollars in 1966 paid no federal income tax. The piece explains legal loopholes used to reduce reported income such as depletion write offs for oil rights, investment deductions, charitable contributions, and foreign tax credits. Government estimates suggest similar loophole usage will recur, fueling debate over closing these gaps and the total revenue impact remains uncertain.
MENTIONED IN THIS ARTICLE
Tevernal Revenue Service
IRS
Congress